Summary of My 7 Sources of Income as a Data Scientist

  • towardsdatascience.com
  • Article
  • Summarized Content

    Data Science YouTube Income Investment Strategies

    Full-Time Data Science Job

    The author's primary income comes from their full-time data science role, a career they've pursued for over three years. The job allows them to work on challenging problems, utilize various algorithms, and employ cutting-edge technologies like Generative AI. They emphasize the effort required to become a data scientist, but highlight the rewarding compensation.

    • High earning potential, exceeding the average UK salary.
    • Entry-level salaries are around the UK average (£30k), with experienced data scientists earning significantly more.

    YouTube AdSense Revenue

    The author's YouTube channel, with over 1000 subscribers and 4000 watch hours, generates income through AdSense. Advertisers pay for ad placements, with a portion of the revenue shared with the creator. The revenue per thousand views (RPM) varies by niche, with tech channels tending to have higher RPMs.

    • Income varies significantly, typically in the hundreds of pounds per month.
    • RPM is affected by niche (tech, finance, entertainment, etc.).

    YouTube Sponsorships: A Lucrative YouTube Opportunity

    Beyond AdSense, the author earns from YouTube sponsorships. Companies pay for product placements in videos. They are selective, collaborating only with brands they genuinely like and believe align with their audience.

    • Income varies greatly; a common metric is $15 per 1000 views.
    • The author has turned down more sponsorship opportunities than accepted.

    Data Science Mentoring and Consulting

    The author's online presence has led to requests for one-on-one mentoring and consulting services. They offer paid calls to help individuals with data science projects, career advice, and CV assistance. This is a personally rewarding aspect of their work.

    • Charges around $30 per half-hour session.
    • Focuses on personalized guidance and tailored advice.

    Medium Blogging and the MPP

    The author actively blogs on Medium, participating in the Medium Partner Program (MPP). Earnings are based on factors including views, claps, and comments. The algorithm for calculating earnings is less transparent than YouTube AdSense.

    • Earnings fluctuate; the highest-earning month was in the thousands of pounds.
    • Article performance is influenced by whether it's "boosted" by Medium's algorithm.

    Affiliate Marketing Income

    Affiliate links in YouTube descriptions and articles provide a smaller, passive income stream. The author uses Amazon Associates, earning a commission on sales generated through their links.

    • Earnings are relatively low, around a couple of pounds per month.
    • Serves as a supplemental income source.

    Investing Strategies for Passive Income

    The author emphasizes the importance of investments as a relatively passive income stream. Their strategy is diversified, including S&P 500 Vanguard ISA, blue-chip stocks, Premium Bonds (emergency fund), and cryptocurrency.

    • Stocks have averaged an 8-10% market return over the past five years.
    • Cryptocurrency is considered more of a gamble.
    • Premium Bonds provide easy access to funds and a chance for small winnings.

    Building a Brand: Data Science, YouTube, and Beyond

    The author successfully combines their data science expertise with YouTube content creation and blogging on Medium to generate multiple income streams. Their approach to mentoring demonstrates a commitment to helping others in the data science field. This multifaceted approach leverages their skills in data science, machine learning, and content creation for both financial gain and personal fulfillment. The use of affiliate marketing further enhances their online presence and income.

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